Solutions -- Week 3

Solutions -- Week 3 - WEEK CLS DATES [M-W] 3 DATES [T-Th]...

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GNB Problem Solutions – Week-by-Week page 1 of 7 WEEK 3 GNB ASSIGNED PROBLEM SOLUTIONS BUAD 250B – FALL 2009 CLS DATES [M-W] DATES [T-Th] TOPICS READINGS ASSIGNMENTS [TO BE COMPLETED BY DATE ASSIGNED] SEP 7 SEP 8 [ No Mon or Tues Class ] LABOR DAY – University Holiday 5 Sep 9 Sep 10 Job-Order Costing Ch. 3 BE: 3-1, 2, 3, 4, 5, 6, 7, 8 PR: 3-12 In-class: 3-21 Exercise 3-1 a. Process costing g. Job-order costing b. Job-order costing h. Process costing* c. Process costing i. Job-order costing d. Process costing j. Process costing* e. Process costing k. Job-order costing f. Job-order costing l. Job-order costing * Some of the listed companies might use either a process costing or a job-order costing system, depending on the nature of their operations and how homogeneous the final product is. For example, a chemical manufacturer would typically operate with a process costing system, but a job-order costing system might be used if products are manufactured in relatively small batches. The same thing might be true of the tire manufacturing plant in item j. Exercise 3-2 1. The direct materials and direct labor costs listed in the exercise would have been recorded on four different documents: the materials requisition form for Job W456, the time ticket for Jamie Unser, the time ticket for Melissa Chan, and the job cost sheet for Job W456. 2. The costs for Job W456 would have been recorded as follows: Materials requisition form: Quantity Unit Cost Total Cost Blanks 20 $15.00 $300 Nibs 480 $1.25 600 $900 Time ticket for Jamie Unser Started Ended Time Completed Rate Amount Job Number 11:00 AM 2:45 PM 3.75 $9.60 $36.00 W456
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GNB Problem Solutions – Week-by-Week page 2 of 7 Time ticket for Melissa Chan Started Ended Time Completed Rate Amount Job Number 8:15 AM 11:30 AM 3.25 $12.20 $39.65 W456 Job Cost Sheet for Job W456 Direct materials . .......................... $900.00 Direct labor: Jamie Unser . ........................... 36.00 Melissa Chan. .......................... 39.65 $975.65 Exercise 3-3 The predetermined overhead rate is computed as follows: Estimated total manufacturing overhead . .......................................... $134,000 ÷ Estimated total direct labor hours (DLHs) . ..................................... 20,000 DLHs = Predetermined overhead rate . ........................................................ $6.70 per DLH Exercise 3-4 a. Raw Materials . ...................................... 80,000 Accounts Payable . ........................ 80,000 b. Work in Process . ................................... 62,000 Manufacturing Overhead . ..................... 9,000
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Solutions -- Week 3 - WEEK CLS DATES [M-W] 3 DATES [T-Th]...

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